Time now for all us Wiggins watchers to move with the times and start using Planestation, the new company identity. The name Wiggins Group plc has now disappeared from the database at Companies House and Planestation is now listed on the LSE website.

So fellow travellers, forget Wiggins, the name of the game is now PLANESTATION. Lets hope it goes like an express train.

Orson

Starting to get the feeling someone knows something? maybe the LFG deal has been finalised and leaked? anyone got level 2 ?

Yes fundie, definitely. This is not your average retail punter buying. I just wish I was privy to whatever it is they know.

Another Huuuuuuge buy at 1251 ish of over 1 million shares

:)

Another good day so far.

Fundamentalist, how much do you think they will get for the LFG?

The Pru keeps on Buying!

09/06/04 13:49 Holding(s) in Company RNS

Wts up again @ 1.4 - 1.5p. Jolly good it is too.

Kindly form an orderly queue to purchase at 6.15p and note that this is a strictly limited offer.

Apple

the pru announcement relates to them taking their option in the recent placement.

Apple

re:LFG i have heard figures as derisory as 5m mentioned and as widly optomistic as 60m. the answer is somewhere in the middle!

The site is 88 acres in a good location in Liverpool with application pending for a mainly residential scheme. Whether this will succeed in its current guise is questionable.

My best guess to value the land is that there is a developable area of c. 60 acres and resi land here would command a price in the region of 300k - 400k per acre without planning which would give a price of between 18m and 24m. With full planning permission you could feasibly be looking at double this. These are based om my assumptions of developable land and land price - others may have a more accurate view. Any other thoughts???

Playing devils advocate. Why did they go to the market for more capital if they were going to get a big wedge for LFG.

Jeff

According to the shares mag article they are also offering 49% of manston for sale. More cash raising!

The cash can only be for one of two reasons imho:
1) cash burn on current activities is a lot higher than previously invisaged and these funds are needed for medium term working capital
2) the company are planning an acquisiton

As i have said before, the sooner the company and Mr May actually update us normal shareholders as to the current strategy via an RNS (than a mag article) then we will continue to be in the dark and specualting.

the only comfort is that the current share price moves indicate that those that do know what is going on see it as positive and the share price is rising.

Thanks Fundamentalist, thats pretty similar to what I've read on various websites ie. 23million.

5 Million Crossing trade

& 7.1 Million Crossing trade

Interesting!

any more for any more at the bargain basement price of 6.3p? Hurry, or you may be gvery disappointed............

Good volumes, share price climbing and were still all in the dark - but happy in the dark!

Anyone else got views of value of LFG - either in agreement or contrary to my opinion?

Here's an interesting post/link in 'sharecrazy'......

Support is strengthening, now from the highly experienced Peter Shearlock, ex-Sunday Times City editor and Growth Company Investor editor:

Planestations new team makes its mark

Remember Wiggins Group? It was one long tale of corporate woe. There were spectacular accounting problems, a mounting debt pile, and a management overwhelmed by too many projects. But all of that was in the reign of Oliver Iny, who ceased to have any executive duties earlier this year. That followed a 46.5 million refinancing and a change of name to Planestation a reflection of the companys main business, which is running small airports.

In March, the rebuilding of the company was taken a stage further with the appointment of a new chief executive in the shape of corporate recovery specialist Martin May (he revitalised Cape among others). Last month he announced that Planestation had entered exclusive negotiations to dispose of its Festival Gardens site in Liverpool. The details should emerge in the next week or two. That deal will not only help to crystallise some value from the site but will demonstrate clearly that the new boys are intent on sticking to their knitting. The mass of property projects assembled by Iny is likely to be pared back in favour of making the airports pay. It should all be positive for the share price, which has crept up from a 3.5p low to a current 5.7p (5.6p 5.8p) to capitalise the company at about 125 million.

That price tag sounds ambitious for a company still losing money, but in truth it is not much more than the discounted net present value of all the property schemes. Of course valuing the airports is a much more subjective business, but they would cost two or three times the current market capitalisation to replace. Planestation owns Kent International Airport (the old Manston), and has varying stakes in five others around Europe, one in the Gulf and one in Florida.

Kent International is where all the action is. There has been rising cargo throughput but the real fun starts in September when EUjet, a fledgling Irish airline run by former Ryanair chief executive PJ McGoldrick, is due to commence passenger flights. Planestation recently cemented its relationship with EUjet by investing 2 million in it for a 30 per cent stake. EUjet hopes to get passenger numbers up to two million a year within three years, flying to 21 destinations. Planestation is also building new facilities that will allow it to offer full border inspection facilities for fresh food imports, something that promises to generate a big increase in freight cargos.

The company has recently changed brokers to Evolution Beeson Gregory, who raised 5.6 million for it with a placing at 5.4p only recently. With Iny out of the picture, there is now strong institutional support for a business that has tremendous growth potential if Kent International and the other airports can be made to work.

Planestation is not going to double overnight and the main case for the shares rests on the new managements ability to cash in on the property and gee up the airports over a two-year period. But the imminent announcement of the sale of the Liverpool site will show they mean business. Buy.

LOOKING GOOD SO FAR!

lets hope this carrys on its been long that this company has been on the up????

Another nice day. Come on!

Price holding firm. I believe that the Liverpool deal should be in the price now and that any further good percentage movements up short term would indicate that something else is driving the price. Could be pure spec or something more interesting, whatever let it keep on climbing, holding and waiting.
opto